Its a good news for the beneficiaries of Prime Minister’s ambitious housing scheme, Pradhan Mantri Awas Yojana as the cabinet has approved the enhancement in the carpet area of houses under PMAY-U. The carpet area of houses under PMAY-U for MIG-I and MIG-II category has been increased.

The carpet area of MIG-1 has been enhanced from from 90 square metres to 120 square metres while under MIG-2, it has been increased from 110 square meter to 150 square meter. The decision was taken in a cabinet meeting conducted on November 16, 2017.

Pradhan Mantri Awas Yojana – New Carpet Area

The interest subsidy of 4% is provided to the beneficiary of MIG-1 category on the loan amount of Rs. 9 lakh, who annual income is between Rs. 6.0 lakh to Rs. 12.0 lakh. Similarly, the beneficiary with an annual income of Rs 12 lakhs to Rs 18 lakhs, get interest subsidy of 3% on a loan of upto Rs. 12.0 lakh under PMAY components.

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The National Real Estate Development Council (NAREDCO), the apex body of real estate industry in India, was quick to welcome the government’s decision. Rajeev Talwar, chairman and Niranjan Hiranandani, president of NAREDCO, felt that this decision of the government, besides helping in clearing unsold stock, would also encourage developers to launch new projects and boost GDP growth and employment. This decision will now bring the entire demand for affordable housing under the interest subvention scheme, accounting for almost 96 per cent of the total demand for housing in the country, they said.

Centre government has aimed to provide houses to all the urban poor by 2022 under Pradhan Mantri Awas Yojana. This housing yojana will bridge-up the shortage of houses in the urban areas.

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